Day Rate Contractor Mortgages

Understanding day rate contractor mortgages doesn't have to be a complex task. Contrary to a common misconception, being self-employed doesn't necessarily mean you must wait for a full 1, 2, or 3 years before seeking a mortgage. In reality, you're among the fortunate few who could potentially apply after just 1 to 3 months of being contracted, depending on your experience in the field and the nature of your role. Various factors are taken into consideration to determine your eligibility and timeline.

The lender may assess your income using a calculation based on your day rate. For example, if your day rate is £300, if you work 4 days a week, and you work for 40 weeks, your calculated income could be:

• £300 (day rate)
• x 4 (days)
• x 40 (weeks) = £48,000.
  - This calculated income figure is what some lenders will use for their assessment.
  - Keep in mind that different lenders might use variations of this calculation, such as considering 5 days a week or 50 weeks a year, or adjusting the figure based on the terms of your contract.

We're here to simplify these intricacies for you and guide you through the accessible opportunities of securing a mortgage that aligns with your unique financial situation.

When it comes to proving your income, lenders typically require a combination of documents which may include:

• Invoices
• Contract information
• Company details
• Business statements

The exact information required can vary from lender to lender. For more precise details on what's needed, don't hesitate to contact one of our experienced team members.

We're here to simplify these intricacies for you and guide you through the accessible opportunities of securing a mortgage that aligns with your unique financial situation. You can either give us a call on 01792687237 or apply below.